Bitcoin ETFs pulled $1.92 billion as Bitcoin trades near $77,000
Bitcoin ETFs just saw their biggest weekly inflow in nearly a year, pulling in $1.92 billion last week.
This happened alongside a massive 23% jump in Bitcoin's price, the steepest weekly rise in over three years, now trading around $77,000.
BlackRock iShares led $1.3 billion inflow
BlackRock's iShares Bitcoin Trust was behind most of the action, bringing in $1.3 billion and flipping last week's outflows on its head.
The rally was sparked by US plans to buy back long-term bonds and traders rushing to cover short positions.
Gracie Lin, chief executive officer of crypto exchange OKX SG, called the strong inflows a sign of renewed excitement for Bitcoin, while Jayke Kyndrede, senior sales trader at market maker QCP Group, thinks some market cooldown might follow, but demand is still solid.
Investors seem more interested in Bitcoin.